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Brandes Investment Partners LP Raises Stock Holdings in Open Text Co. (NASDAQ:OTEX)

Open Text logo with Computer and Technology background

Brandes Investment Partners LP increased its position in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 49.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 532,226 shares of the software maker's stock after buying an additional 175,020 shares during the quarter. Brandes Investment Partners LP owned 0.20% of Open Text worth $22,364,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in OTEX. Pacifica Partners Inc. purchased a new position in shares of Open Text in the fourth quarter worth $32,000. Allworth Financial LP increased its stake in shares of Open Text by 125.7% in the third quarter. Allworth Financial LP now owns 957 shares of the software maker's stock worth $34,000 after buying an additional 533 shares during the period. Assetmark Inc. purchased a new position in shares of Open Text in the fourth quarter worth $48,000. Cigna Investments Inc. New purchased a new position in Open Text during the 4th quarter valued at $211,000. Finally, Mosaic Family Wealth Partners LLC purchased a new position in Open Text during the 4th quarter valued at $213,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

Open Text Stock Performance

Open Text stock traded up $0.65 during midday trading on Monday, hitting $31.13. The stock had a trading volume of 437,032 shares, compared to its average volume of 666,641. Open Text Co. has a 52-week low of $28.19 and a 52-week high of $45.47. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 2.01. The company has a market capitalization of $8.49 billion, a PE ratio of 50.21 and a beta of 1.11. The firm's fifty day moving average is $35.69 and its two-hundred day moving average is $38.58.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Friday, May 31st will be given a dividend of $0.435 per share. This is an increase from Open Text's previous quarterly dividend of $0.25. This represents a $1.74 dividend on an annualized basis and a dividend yield of 5.59%. The ex-dividend date of this dividend is Friday, May 31st. Open Text's dividend payout ratio is currently 161.29%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. CIBC reduced their price objective on shares of Open Text from $44.00 to $38.50 and set a "neutral" rating on the stock in a research report on Friday, May 3rd. Barclays reduced their price objective on shares of Open Text from $44.00 to $38.00 and set an "equal weight" rating on the stock in a research report on Friday, May 3rd. Citigroup reduced their price objective on shares of Open Text from $42.00 to $37.00 and set a "neutral" rating on the stock in a research report on Friday, May 3rd. Jefferies Financial Group dropped their target price on shares of Open Text from $45.00 to $42.00 and set a "buy" rating on the stock in a report on Friday, May 3rd. Finally, StockNews.com upgraded shares of Open Text from a "hold" rating to a "buy" rating in a research note on Saturday, May 11th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Open Text currently has a consensus rating of "Moderate Buy" and an average price target of $42.25.


View Our Latest Research Report on Open Text

Open Text Profile

(Free Report)

Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.

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Institutional Ownership by Quarter for Open Text (NASDAQ:OTEX)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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